Euro held to the 1.3400 area before the US data prompted a rally that did not stop until above 1.3600. The catch-up of the Euro post ECB allowed most of the crosses to gain led by the EUR/GBP and EUR/JPY. March German Industrial Production remained flat vs. -1.3% expected. Sterling support at 1.5000 was tested with the market still worried about the expansion of the BOE’s Quantitative Easing program. The Key support held and the subsequent rally helped the Pound close above 1.5200 at its highest level since January.
Technical Outlook:
EURO R1: 1.3740 S1: 1.3480
R2: 1.3760 S2: 1.3460
Chart pattern hints towards bullish movement for the day. With the trading range of 1.3510 -1.3720 levels for the day. Stochastic and momentum are seen trending up and currency is also trading above the fast moving average and relative market strength is supporting bull note.
R2: 1.3760 S2: 1.3460
Chart pattern hints towards bullish movement for the day. With the trading range of 1.3510 -1.3720 levels for the day. Stochastic and momentum are seen trending up and currency is also trading above the fast moving average and relative market strength is supporting bull note.
GBP R1: 1.5290 S1: 1. 5120
R2: 1.5320 S2: 1. 5110
Chart pattern shows the possibility of small downside correction for the day. Trading range is expected between 1.5150 -1. 5280 levels for the day. Relative market strength is down and momentum is also supporting it but caution required as the Currency is trading above the moving averages .
R2: 1.5320 S2: 1. 5110
Chart pattern shows the possibility of small downside correction for the day. Trading range is expected between 1.5150 -1. 5280 levels for the day. Relative market strength is down and momentum is also supporting it but caution required as the Currency is trading above the moving averages .
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